IT Robotics Automation Market to Become a Game Changing Technology in IT Transformation

The global IT robotic automation market, valued at US$ 183.1 Mn in 2013, is expected to see strong growth at a CAGR of 60.5% during 2014 to 2020. Over the last decade, robotic automation has transformed the industrial and manufacturing sector. Moreover, automation is soon expected to become a game changing technology in the transformation of IT industry. The notion that robotic software can eliminate the need to offshore and at the same time lead to highly automated efficiency has captured the attention of a large number of IT players, globally. Business process outsourcing (BPO) is one of the key segments in the IT industry where high adoption of robotic process automation is anticipated in the coming two to three years.

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The prime driver for the global IT robotic automation market is the increasing awareness about its benefits in BPO operations. While BPO services are already commonly utilized in the business sector and have reduced the required expenditure of businesses significantly, the incorporation of IT robotic automation services has the potential to reduce the costs of business process management even further, albeit in the long run.

“While some human labor will probably be necessary in the BPO sector in the coming years, robotic automation can take care of several formalities. This will smoothen the process of business process management, allowing the human employees to focus on customer service and other areas that can’t be controlled by robotic systems,” said TMR’s lead analyst.

The rising adoption of IT robotic automation in the financial sector is a crucial driver for the global market. Due to the menial nature of many operations in the financial sector, a large part of it can be effectively managed by robotic automation services. Invoicing, compliance, payment processing, and task allocation are some of the key operations in the financial sector that can be managed better by robotic services than by humans, since the possibility of human error is removed. The large-scale adoption of IT robotic automation services in the financial sector could help the former achieve feasible economies of scale in the coming years.

Security Concerns, Compliance with Preexisting Contract Structure to Restrict Demand for IT Robotic Automation

Despite the several unequivocal advantages of IT robotic automation, the demand for the same is restricted by the widespread prevalence of conventional BPO contracts in the business sector. These contracts are often drawn out over the long run, and the expiry of most of them is still a fairly distant event. After the expiry of the current contracts, the IT robotic automation market is expected to exhibit rampant growth.

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Security concerns regarding the risk of the whole network ecosystem being vulnerable to even the smallest data breach, owing to the necessarily interconnected nature of IT robotic automation services, are another key restraint on the global market. While developers of IT robotic automation services have always been keen on improving their security offering, the persistent risk of cyber-crime has held back the adoption of IT robotic automation services.

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